Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment.
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According to a report by CommmercialEdge, 592.5 million square feet of industrial space was under construction nationwide by the end of February, amounting to 3.5% of existing stock. Over the past six months, the amount of industrial space grew by more than 90 million sf.
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About 626 million sf of new development was in the planning stages, CommmercialEdge reported. Rising rents have supported this action. The national average for in-place industrial rents across the top 30 U.S. markets reached $6.45 per sf in February, marking a 4.4% year-over-year increase.
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The rest of 2022 continues to look strong in the industrial space. Nationally, transactions totaled nearly $9.1 billion in the first two months of the year. āThis strong start is a clear indication that investor interest in industrial properties is anything but abating, given that the first quarter of a year is typically the slowest for commercial real estate transactions,ā CommmercialEdge says.
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Best AEC Firms of 2011/12
Later this year, we will launch Best AEC Firms 2012. Weāre looking for firms that create truly positive workplaces for their AEC professionals and support staff. Keep an eye on this page for entry information. +
